President Trump took a victory lap following a string of corporate announcements of employee bonuses and capital investments in response to the tax reform law, but tax observers urged a more cautious outlook.
Citing recent announcements by companies like Apple Inc., which has said it will be investing $350 billion on development in the United States and giving its employees a $2,500 bonus, Trump declared January 18 that he had delivered on his campaign promise of more jobs and higher wages through tax cuts.

Transitioning to a payroll tax system would be one way New York state could mitigate the effects of the new federal tax law, but more analysis is needed before changes can be made, according to the state tax department.

In the wake of the tax bill’s passage, President Trump promised the tax cuts would be “rocket fuel” for the economy, reflecting predictions from National Economic Council Director Gary Cohn of 4 percent GDP growth in 2018 and a prolonged period of wage growth.

A group of congressional Democrats asked the IRS to allow a 2017 deduction for prepaid property taxes on the same day that two New York lawmakers introduced a bipartisan House bill to restore the state and local tax deduction.

Localities vying for Amazon’s second headquarters project used various methods to avoid public disclosure of incentives offered to the company, including narrow interpretations of state open record laws and bids submitted through entities not subject to those laws, according to data obtained by Tax Analysts through public records requests.